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Original poster

Advice please! Estate Agents/Mumsnetters who have sold

55 replies

Mintygreenleaf · 25/07/2022 21:48

Hi Wise Mumsnetters

What’s your wise advice for accepting offers?

After being given the run around by our previous “cash buyer” who turned out to be anything but and going back on the market this week an offer of a little (£1,000) above asking price was made this afternoon.

The estate agent have said the buyer thinks they will be interest (there are two other second viewings booked this week with one planning on making an offer EA says) and would like it taken off the market but given the previous experience would it be wise to ask for some commitment first?

Thinking mortgage offer or searches paid or instructing solicitors.

Conscious 2nd viewings don’t mean offers and worried about annoying the potential buyer at the same time it’s only been on a week! Grateful for advice please?!

OP posts:
Suggestives · 25/07/2022 22:57

Go ahead with the other viewings.

It doesn't sound like there's anything particularly attractive about the status of your current offer and if you're looking for some commitment then being prepared to wait a few days for a decision is a good start.

What's the state of the market in your area?

Original poster
Mintygreenleaf · 25/07/2022 23:23

That should have read after going back on the market early last week-(in the heatwave). Hopeful bump!

OP posts:
Original poster
Mintygreenleaf · 25/07/2022 23:34

Sorry @Suggestives for some reason your reply only just showed up for me! Thank you.

They’ll need a mortgage but have a good deposit I understand and no chain.

In terms of the market there doesn’t seem a great deal on at the moment, the agent was indicting properties were moving but potentially slowing conscious they’d just like to get the sale done though! That’s a good point about them showing commitment by being prepared to wait

OP posts:
Netaporter · 26/07/2022 06:09

I’d be seriously questioning the EA. In order to proceed as a ‘cash buyer’ you have to show proof of funds? Did they do that?

house sales traditionally slow down in the school holidays then pick up when the kids go back. If you don’t get any proceedable offers after the viewings this week, I’d get the EA to take fresher pictures and put it back on the market in September and make sure you note any attractive school catchment areas etc. it’s shit when this happens and given the way we sell houses in England, there isn’t really much you can do to avoid it unless you sell at auction (which will realise less of the value of the house).

WokingOrNot · 26/07/2022 06:34

Mintygreenleaf · 25/07/2022 21:48

Hi Wise Mumsnetters

What’s your wise advice for accepting offers?

After being given the run around by our previous “cash buyer” who turned out to be anything but and going back on the market this week an offer of a little (£1,000) above asking price was made this afternoon.

The estate agent have said the buyer thinks they will be interest (there are two other second viewings booked this week with one planning on making an offer EA says) and would like it taken off the market but given the previous experience would it be wise to ask for some commitment first?

Thinking mortgage offer or searches paid or instructing solicitors.

Conscious 2nd viewings don’t mean offers and worried about annoying the potential buyer at the same time it’s only been on a week! Grateful for advice please?!

1k above asking price and good deposit, that sounds good to me. Feel free to ask questions. Are they in a rush to move? (if you're in a chain that might be a problem). Why are they moving? (that may tell you how serious they are). Do they have a mortgage in principle and when was it issued? (The interest rates changed, so need to make sure they can afford it). You can ask if they appointed solicitors but this shouldn't be a deal breaker as most people do that after offer has been accepted.
Good luck!

Original poster
Mintygreenleaf · 26/07/2022 08:13

@Netaporter the EA said that they did check, not sure it adds up though. Glad I have a good offer now

OP posts:
Netaporter · 26/07/2022 08:27

I’d remain skeptical about the EA. I’ve just bought a property for cash, EA knows me, but I still had to show him a bank statement showing proof of funds equivalent to the price of the property. I’d be shining a light on the new offer lest he’s trying to prevent you from changing agencies. I do hope it works out for you. Fingers crossed for the new viewings also.

Original poster
Mintygreenleaf · 26/07/2022 08:27

Hi @WokingOrNot thank you for linking my post and your advice and comment about asking questions.

The healthy deposit does sound promising. It’s an investor I understand (a first step on the ladder type property) was originally thinking someone going to live in it would be committed to it but was strung along by one of those previously!

I suppose it’s because they’re asking for it to be taken off the market I’m worried about taking time but guess if they are committed they’ll answer queries and wait a few days for an answer.

I know one of the 2nd viewers tomorrow is a first time buyer who has already asked the agent lots of queries so maybe a nervy type. I suppose a £1k over offer is a nice problem to have

OP posts:
senua · 26/07/2022 08:46

If it's an investor then it's a business decision. They won't be "committed" or "love your house" or any of that.

I would play the "I'm a woman of my word" card (who can argue with that?)and say that you won't cancel already-agreed-upon second viewings. If they get you another offer then that's great. If they don't then go along with the investor. As PP said, it's a quiet time of the year so taking it off the market is no hardship. You can always re-assess in September if it's not going well.

Original poster
Mintygreenleaf · 26/07/2022 09:26

Thanks @senua I have got to test it as a business decision, my previous buyer was meant to love it!

OP posts:
WokingOrNot · 26/07/2022 09:29

senua · 26/07/2022 08:46

If it's an investor then it's a business decision. They won't be "committed" or "love your house" or any of that.

I would play the "I'm a woman of my word" card (who can argue with that?)and say that you won't cancel already-agreed-upon second viewings. If they get you another offer then that's great. If they don't then go along with the investor. As PP said, it's a quiet time of the year so taking it off the market is no hardship. You can always re-assess in September if it's not going well.

The issue is that if the second viewings do go ahead but won't be as interested, the investor may give a lower offer instead.
Asking for the house to be taken off the market is a very reasonable thing to do. Otherwise they might get gazumped.

Original poster
Mintygreenleaf · 26/07/2022 09:30

Thank you @Netaporter you have to be so sceptical! That’s a good point. By shine a light that’d be proof of funds or something else? I feel burnt by that in the past as the EA said he had this previously. Yes fingers crossed, lucky I know to have a couple of potential options and an offer at this stage!

OP posts:
Netaporter · 26/07/2022 09:39

I’d be very firm with the EA. Can he confirm in writing he has seen proof of funds of deposit/company registration number/how well they know them etc before you would take the decision to take it off the market. Basically be up their arse 😂

senua · 26/07/2022 09:46

The issue is that if the second viewings do go ahead but won't be as interested, the investor may give a lower offer instead.
Is that a bad thing? Better to find out now, rather than a few months down the line, that he is a chancer who would pull a stunt like that.

Original poster
Mintygreenleaf · 26/07/2022 09:55

Thanks for your advice @Netaporter I’ve just had a call from the agent who asked if I’d made a decision yet (though they only phoned yesterday) and I’ve said exactly that!

They said they don’t usually ask at this stage in fact they made me feel a bit like I shouldn’t expect it? They have said they will though. I hadn’t thought about email is that because you’re more likely to get the truth?!

Interestingly they also asked me what I want to do as they said the original buyer has now returned their message to say there’s a good offer been made and is saying he’s very interested. I’ve said I’d need to sleep on it after radio silence for so long I’ve lost trust. I know it may take longer but at least they haven’t messed me around.

OP posts:
Netaporter · 26/07/2022 10:21

@Mintygreenleaf

Put everything in writing. Write to the EA today and ask for confirmation status of each bid before you are prepared to make a decision. It is utter bollocks that a good EA at this point has not ascertained the status of any offer. It is their job to confirm accuracy before presenting you with the offer (legally they have to tell you about every offer but they can say something like ‘but we are unable to verify funds’ etc). Then you’ll sort the wheat from the chaff.

My recent cash offer was rejected at first as someone had offered more. They fell by the wayside having not been able to support their claims. In the meantime, I’d had a roof survey, electrical survey etc so the EA could explain to the vendor I wasn’t a messer. I paid less but can proceed as fast as searches are returned.

Original poster
Mintygreenleaf · 26/07/2022 10:25

Thanks @senua yes good point I’d rather find that out now! I guess anything could happen during the sale. Funny it’s really exciting getting an offer but now i’m more nervous than anything!

OP posts:
Original poster
Mintygreenleaf · 26/07/2022 11:47

Thank you @Netaporter I wish everyone was just straight!

Glad you got your purchase in the end.

I’ll email and ask for confirmation status and proof of funds. Would be good to give it a bit more time but I think I’d be happy to take of the market and possibly lose out on other offers if I had that.

OP posts:
Doubleraspberry · 26/07/2022 11:55

We've just had an offer accepted but before it was taken off the market we needed to provide our mortgage AIP and the agent spoke to the agents selling our house to confirm all the details we'd given them re progress and price were accurate. Obviously the AIP isn't proof of a great deal but at least it shows we have the mortgage capacity we claim. I was quite impressed by the thoroughness of speaking to the other agents as we've been burnt ourselves in the past as sellers by buyers rather misrepresenting their position in chains.

Original poster
Mintygreenleaf · 26/07/2022 13:05

Thank you @Doubleraspberry that’s good to know

OP posts:
Doubleraspberry · 26/07/2022 13:51

@Mintygreenleaf I don't know if yours will do that - it might be worth asking them?

Original poster
Mintygreenleaf · 26/07/2022 14:22

@Doubleraspberry thanks I’ve asked them to confirm and just missing a call from them but would prefer an email anyway!

OP posts:
WokingOrNot · 26/07/2022 14:37

senua · 26/07/2022 09:46

The issue is that if the second viewings do go ahead but won't be as interested, the investor may give a lower offer instead.
Is that a bad thing? Better to find out now, rather than a few months down the line, that he is a chancer who would pull a stunt like that.

I don't think it's a stunt. It's normal to offer more on the condition that the sellers will take property off the market. If the seller rejects that offer, then the buyer waits and sees what the situation is before submitting new offer. They are under no obligation to offer again or to offer the same amount. They are also free to look for another place. If their offer is accepted, that's another matter of course.

Original poster
Mintygreenleaf · 26/07/2022 15:04

@WokingOrNot thank you I feel my brain is fried! On the one hand I’ve been burnt before and so feel I should be cautious but on the other am conscious the agent said he’d checked funds for the previous offer and that didn’t work out. I can see your point about £1k over being to take it off the market

OP posts:
WokingOrNot · 26/07/2022 21:41

Mintygreenleaf · 26/07/2022 15:04

@WokingOrNot thank you I feel my brain is fried! On the one hand I’ve been burnt before and so feel I should be cautious but on the other am conscious the agent said he’d checked funds for the previous offer and that didn’t work out. I can see your point about £1k over being to take it off the market

It's really hard because there are no guarantees. I've been burnt before too, so I completely understand you're cautious. I don't know what's the answer, but it's never a bad idea to ask questions. A good buyer (or seller) will be happy to answer them. And EA just wants a sale, so they're not good to help you make a decision, but it's also in their interest to make sure any potential buyer is reliable.